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Business News/ News / India/  60% make rewards top priority in credit card choice, reveals survey
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60% make rewards top priority in credit card choice, reveals survey

The credit card Survey highlights the significant role of youth in shaping financial trends. Consumers prioritize rewards and show diverse spending patterns. The survey also points towards a trend of integrating traditional credit systems with modern technologies.

The credit card survey reveals diverse spending patterns among Indian consumers, with 60% prioritising rewards.Premium
The credit card survey reveals diverse spending patterns among Indian consumers, with 60% prioritising rewards.

ANQ has unveiled the results of its comprehensive credit card survey, shedding light on the evolving spending patterns and preferences of consumers nationwide. Notably, 72% of respondents are younger than 30 years old, underlining the significant role of the youth in shaping the country's financial landscape.

Rise in multiple credit card ownership

In today's digital era, where convenience reigns supreme, nearly half of users reported owning more than one credit card. Surprisingly, 20% of them hold as many as five or more cards. This trend underscores a dynamic approach to managing finances, with consumers seeking versatility and flexibility in their payment methods.

Also Read: 4 key reasons why clearing your credit card debt improves your CIBIL score

Diverse spending patterns

The survey also revealed that approximately half of the respondents report monthly expenditures ranging between 25,000 to 75,000, showcasing the diverse spending patterns among Indian consumers.

Preference for rewards programs

Moreover, nearly 60% of respondents prioritise rewards when choosing a new credit or debit card. Preferences range from cash back incentives to points redeemable for goods and services. This emphasis on rewards reflects a consumer base that is not only financially savvy but also discerning in maximising the value of their spending.

Also Read: CIBIL score: Using multiple credit cards? Be mindful of these 6 key points

Interest in digital payment solutions

With nearly 49% of respondents utilising credit cards and UPI for regular transactions, there's a clear appetite for seamless integration between traditional credit systems and modern technologies. This trend signals a fundamental shift in how consumers interact with and leverage financial tools in an increasingly digital world,  the survey highlights. 

Also Read: Maxed out your credit card? 5 consequences it may have

Ashish Khandelwal, Founder of ANQ says, "Our findings underscore the importance of credit cards in the daily financial lives of Indians. With a clear preference for enhanced security features, robust rewards programs, and the integration of digital payments, the future of credit cards is set to align closely with the needs and expectations of today's consumers." 

 

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Published: 25 Apr 2024, 02:13 PM IST
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